Wednesday, April 22, 2009

House Wants to Make Rainy Days Easier to Come By

The Missouri House voted to make it easier for lawmakers to dip into the state's Rainy Day Fund in times of fiscal crisis.

"Instead of being the emergency savings account that was intended, the Rainy Day Fund is more like a payday loan that solves one financial problem by creating another. My legislation will create more flexibility and create an accessible savings account the state can tap in times of need," said Rep. Jamilah Nasheed in a statement.

Right now, if lawmakers were to tap the fund, the constitution requires the state to begin repaying it during the next fiscal year. Nasheed's joint resolution --- which would need voter approval -- would give the state up to 3 years to begin paying back the fund.

The resolution could hit the Senate Thursday.

If it clears the upper chamber, the proposal would go to a statewide vote.